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🏢 '''Scheduled property''' refers to any asset or class of assets that has been individually identified and listed on an [[Definition:Insurance policy | insurance policy]] with its own description, location, and [[Definition:Coverage limit | coverage limit]]. The concept is foundational in [[Definition:Commercial property insurance | commercial property]], [[Definition:Inland marine insurance | inland marine]], and [[Definition:Personal lines | personal lines]] insurance, where the distinction between scheduled and [[Definition:Blanket coverage | blanket]] arrangements shapes how coverage is priced, administered, and settled after a loss. By specifying each item, the insurer and insured agree upfront on exactly what is protected and for how much.

⚙️ A typical scheduled property list — sometimes called a [[Definition:Statement of values (SOV) | statement of values]] — includes fields like address, occupancy type, construction class, [[Definition:Total insurable value (TIV) | total insurable value]], and any loss-control features such as sprinkler systems or alarm installations. [[Definition:Underwriter | Underwriters]] use this granularity to apply item-specific rates, factor in location-based hazards like [[Definition:Catastrophe risk | catastrophe exposure]], and attach sub-limits or [[Definition:Deductible | deductibles]] appropriate to each property's risk profile. When a [[Definition:Claim | claim]] arises, the adjuster verifies that the damaged asset appears on the schedule and settles against the limit assigned to that entry — no more, no less.

📊 Maintaining an accurate schedule demands ongoing diligence from the insured. Acquisitions, disposals, renovations, and shifts in market value can all render a schedule outdated, potentially leaving newly added assets uninsured or inflating [[Definition:Premium | premiums]] on properties no longer owned. Many [[Definition:Insurtech | insurtech]] firms and [[Definition:Insurance broker | brokers]] now deploy automated [[Definition:Exposure management | exposure management]] tools that sync with enterprise asset databases, flagging discrepancies and prompting mid-term [[Definition:Endorsement | endorsements]] to keep schedules current. For insurers, the payoff is better data quality at the point of [[Definition:Underwriting | underwriting]], which translates into more accurate pricing and fewer surprises at claim time.

'''Related concepts:'''
{{Div col|colwidth=20em}}
* [[Definition:Scheduled coverage]]
* [[Definition:Statement of values (SOV)]]
* [[Definition:Blanket coverage]]
* [[Definition:Commercial property insurance]]
* [[Definition:Inland marine insurance]]
* [[Definition:Total insurable value (TIV)]]
{{Div col end}}

Definition:Scheduled property - Revision history

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